How do Late Payments effect my ability to get a loan?


Joe Niece

American Mortgage and Equity Consultants, Inc

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Down Payment Assistance Programs in Minnesota. How to get down payment assistance in Minnesota

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Down Payment Eligibility. The first step to getting down payment assistance in Minnesota is to find out all of the programs that you are eligible for. There are programs based on income, household size, county, occupation, etc. Use this great Down Payment Assistance Tool to find out what you qualify for.


Types of Down Payment Assistance in Minnesota


Down Payment and Closing Cost Assistance. Many of the programs available in Minnesota will pay your down payment, closing costs or both. MHFA is the largest down payment assistance organization in Minnesota and I am one of the top originators for MHFA down payment assistance. One of the things to remember for using MHFA for down payment and closing cost assistance is that the loan officer doing your down payment assistance has to also do you main loan. It is not allowed to have two different loan officers from different companies each doing a part.


Reduced Mortgage Insurance Loans. One of the benefits of using Down Payment assistance is the availability of reduced mortgage insurance first mortgages. Reduced mortgage insurance can save borrowers upto 25% in mortgage insurance costs.


No Mortgage Insurance Loans. A great program from several providers including the MHFA Preferred Risk Sharing loan can save borrowers hundreds of dollars. On a $175,000 dollar loan for a borrower with a 680 credit score, a borrower would save almost $205 per month.


The Loan Process

Refinance and Debt Consolidation

What you must know about Proper Document Collection

How to get Down Payment Assistance

What Type of First Time Home Buyer Loans and First Time Home Buyer Programs are there?

How do I lock my loan?

Loan Programs

Renovation Loan Programs

What Type of Construction Loans are there?

HELOC's and Second Mortgages

Buying a Vacation or Second Home

Who Qualifies for a HARP Refinance?

What is a Reverse Mortgage? What are the different types of Reverse Mortgages?

How can my credit help or hurt me when getting a loan?

How accurate are scores from Credit Karma, Experian, Transunion and Equifax when applying for a mortgage?

What to do six to twelve month before you are ready to buy a home

How do Credit Card balances change my credit scores?

How does Bankruptcy, Foreclosure, Short Sale, Judgements and Collections effect me when getting a loan?

What is an Extenuating Circumstance when getting an FHA Loan?

What is an Extenuating Circumstance when getting an VA Loan?

What is an Extenuating Circumstance when getting a Conventional Loan?

What are the waiting periods after a Bankruptcy for getting a loan?

What are the waiting periods after a Foreclosure or Deed in Lieu for getting a loan?

How to get Tax Transcripts from the IRS?